Australian Company Developing Own Gold-Backed Cryptocurrency

January 25, 2018

Large Australian precious metal plant Perth Mint is now developing its own cryptocurrency backed by gold to encourage consumers for investing into precious metals.

With processing capacity of more than 700 tons of gold per year Perth Mint is the biggest gold factory in Australia. Curiously enough, total rage for cruptocurrencies among investors has made Perth Mint offer its own currency to focus their attention on precious metals again.

As ABC News reports, the company is still in process of developing of yet unnamed cryptocurrency which is to be used for trading “crypto gold” on Blockchain.

The company’s CEO Richard Hayes highlighted mass inflow of funds into various Bitcoin alternatives as investors break from traditional assets. As he said, “golden” cryptocurrency with Blockchain turnover has got its strong points. What is more, the company is interested in adopting Blockchain technologies in-house.

Finally, Perth Mint is considering the project as another gold selling site.

"We certainly try to make it easier and easier, within reason, for people to access precious metals", Hayes said.

The company’s CEO expects their tokens to be offered in the coming 12-18 months.